Charlie Lee labels Litecoin Cash a scam, Litecoin jumped 13%; Ripple, Bitcoin and Litecoin price prediction

  • Technical outlook very similar across the Crypto board, but Litecoin with the edge on hopes of controversial fork
  • BTC/USD supported at the 200 SMA, just above $8000, with resistance at $9700 and $11900, the ceiling of the bullish channel

Litecoin's confusion: Will there be a fork?

LTC/USD is enjoying double digit gains today after rumors surfaced about an upcoming fork planned for next February 18th, which would allegedly bring several technical improvements. Charlie Lee, Litecoin's founder, has denied these claims on his Twitter account, saying that "any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin".

Besides that, the charts show a very similar technical picture in the major Cryptocurrencies, with most of them trading up inside a parallel bearish structure that rules the price action since the all-time highs from December. In the daily charts, the 50 and 100 SMA are trading in the same price range and act as resistance. The 200 SMA, on the other hand, acts as support and still keeps a clear bullish profile.

LTC/USD daily chart

LTC/USD chart

In the Litecoin daily chart, MACD is crossed to the upside with barely any inclination, although it is still accelerating thanks to today's movement. That said, the indicator is still very close to the 0 line, so there's not much potential for any run in the short-term.

Directional Movement Index is in a pretty interesting situation, with buyers and sellers finding themselves face to face in a standoff to decide who takes control. For now, although it's not a big advantage, the slight edge is for the bulls.

In the short term, we see a bearish movement in an entry in the $180-$185 range, with the stop on a close above $186.5 and the first target set at $174.60. Second target will be at $150.

On the upside, we place an entry on a close above $186.50, with the stop on a close below $184 and the target at $204.

BTC/USD daily chart

BTC/USD

MACD is crossed to the upside in the Bitcoin daily chart, with not much inclination. This is a setup that indicates lateral action.

Directional Movement Index still shows the sellers much more active than the buyers, although still in a clear convergence. Again, this indicator backs lateral movements.

In the short term, we foresee a bearish trigger with an entry in the $8880-$8800 range, with the stop placed on a close above $8900. First target will be placed at $8660, with a second one at $8490.

On the upside, an entry on a close above $9074, with the stop in a close below $8965. First target placed at $9469.

XRP/USD 4h chart

XRP/USD

The MACD in the Ripple 4-hour chart is crossed to the upside, with some margin still above the 0 line. This is a lateral action setup.

Directional Movement Index shows total equilibrium between bulls and bears. ADX still is descending, confirming the lateral price action.

In the short term, we plan a bearish movement with an entry on a close below $0.9950, placing the stop on a close above $1.10. The first target will be at $0.90 and the second one at $0.75.

On the upside, we place an entry on a close above $1.04, with the stop on a close below $1.022. The first target will be at $1.067 and the second one at $1.1244.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.